For Sale

1 and 2/4 Portland Street, Penola, SA 5277

$450,000

Block Of Units

Type

Bedrooms

Bathrooms

695 m²

Area

Last updated on Saturday, May 16, 2026 ( See property details for 1 and 2/4 Portland Street, Penola, SA 5277)

$450,000

Jo OConnor Real Estate Sales

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AI Property Insight

AI-generated summary for guidance only. We can’t guarantee accuracy -please verify all details independently before deciding.

A versatile investment property offering immediate income and future development potential in a prime location.

🏡 Property Highlights

Immediate rental income with a combined weekly return of $365
Potential to convert back into a spacious four-bedroom, two-bathroom home
Recently upgraded with a new roof across the entire property
Solid, functional condition with scope for future enhancement
Private backyard for Unit 2, ideal for outdoor living
Secure parking with a single garage under the main roof

✨ Key Features

Garage
Open-Plan Living
Built-in Robes
Ceiling Fans
Heating
Outdoor Area
Internal Laundry
Security Screens / Gates
Fly Screens
Waterfront / Views

Suburb and Property Insights of Penola, SA 5277

Penola is a charming South Australian town renowned for its rich history and vibrant community. It offers excellent amenities, scenic countryside, and a peaceful lifestyle. The area is ideal for families and investors seeking a strong rental market. Local attractions include historic sites, wineries, and outdoor recreational activities. Penola’s strategic location provides easy access to regional hubs and transport links, making it a desirable place to live and invest.

Frequently Asked Questions

Can the units be easily converted back into a single-family home?

Yes, the layout allows for straightforward conversion into a spacious four-bedroom, two-bathroom residence, providing flexibility for future use.

What is the current rental income and potential for future rent increases?

The property currently generates a combined rental income of $365 per week, with potential for rent increases depending on market conditions and upgrades.

What recent upgrades have been made to the property?

A new roof has been installed across the entire property, enhancing durability and peace of mind for investors.

Are there any restrictions or zoning considerations for future development?

Interested buyers should verify local zoning regulations and planning restrictions with the relevant authorities to confirm development options.

What condition are the units currently in?

Both units are presented in solid, functional condition with scope for future enhancement if desired.

What to ask about this property to agent?

Are there any hidden costs or upcoming maintenance expenses not disclosed? Have all necessary approvals and permits been obtained for the current structures? Are there any known defects or issues with the property, such as pest infestations or structural problems? Is the property located within a flood or bushfire risk zone? Are there any easements, covenants, or zoning restrictions that could affect future use or development? Is there any ongoing or planned nearby construction that could impact the property? What are the terms of the current leases, and are there any restrictions on future tenancy or owner-occupancy? Are there any strata or community titles involved, and what are the associated fees or regulations? What is the history of the property's maintenance and repairs? Are there any environmental or heritage considerations affecting the property?

1 and 2/4 Portland Street, Penola, SA 5277 - More Details

$450,000

Unit 1 & 2, 4 Portland Street present an outstanding investment opportunity, offering immediate income with the added bonus of future flexibility to convert back into a spacious four-bedroom, two-bathroom home if desired.

Both units benefit from a new roof over the entire property, providing valuable peace of mind for investors. The dwellings are presented in solid, functional condition and offer excellent scope for future enhancement if desired.

Unit 1 features a welcoming entry into a dining area with linoleum flooring, flowing through to an open plan kitchen, dining, and lounge space with timber floors. Comfort is assured with slow combustion heating and a ceiling fan in the lounge. The kitchen is well equipped with an electric stove, gas cooktop, cream cabinetry, island bench, and excellent storage and bench space. Both bedrooms are generously sized and carpeted, while the bathroom includes a shower over bath with the toilet incorporated. A single garage under the main roof offers secure parking for a small vehicle, with internal access.

Unit 2 offers a functional open plan kitchen, meals, and lounge area with linoleum flooring and an electric stove. Heating is provided by gas heating. Both bedrooms are well sized and carpeted. The bathroom includes a shower and vanity, with a separate toilet located within the spacious laundry. Outside, Unit 2 enjoys the added benefit of a private backyard and screen door access.

Currently leased at $185 per week for Unit 1 and $180 per week for Unit 2, the property provides a combined rental return of $365 per week, delivering a solid and reliable income stream.

Importantly, the layout allows for easy conversion back into a substantial four-bedroom, two-bathroom residence, making this a versatile opportunity for investors or future owner-occupiers alike.

A flexible, income-producing property with future upside in an amazing location. Opportunities like this are hard to find and quick to sell!! Contact Jo O'Connor today on 0429 854 910 to arrange your inspection.

Disclaimer:
While every effort has been made to ensure the accuracy of the information contained herein, PPHS makes no representation or warranty as to its accuracy, reliability or completeness. Interested parties should conduct their own independent investigations and seek appropriate professional advice. PPHS accepts no liability for any loss arising from reliance on this information.

Type: Block Of Units
Bedrooms: 2
Bathrooms: 1
Area: 695 m²

Map & nearby places — 1 and 2/4 Portland Street, Penola, SA 5277

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1 and 2/4 Portland Street, Penola, SA 5277

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